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1. Calhoun Discount Drugs Sales: $382,000 Cost of goods sold: $106,000 Gross profit: ? Operating expenses: $129,000 Net profit: ? 3. Webb's Photo Shop Sales: $93,000 Cost of goods sold: $21,000 Gross profit: ? Operating expenses: $59,000 Net profit: ?

1. Calhoun Discount Drugs Sales: $382,000 Cost of goods sold: $106,000 Gross profit: ? Operating expenses: $129,000 Net profit: ? 3. Webb's Photo Shop Sales: $93,000 Cost of goods sold: $21,000 Gross profit: ? Operating expenses: $59,000 Net profit: ?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercises Do a percent analysis for each business. Remember, find the percent to the nearest whole percent. 1. Calhoun Discount Drugs Sales: $382,000 Cost of goods sold: $106,000 Gross profit: ? Operating expenses: $129,000 Net profit: ? 2. Florida Cactus Sales: $529,000 Cost of goods sold: $287,000 Gross profit: ? Operating expenses: $195,000 Net profit: ? 3. Webb's Photo Shop 4. Hair Mate Sales: $93,000 Sales: $102,000 Cost of goods sold: $21,000 Gross profit: ? Operating expenses: $59,000 Net profit: ? Cost of goods sold: $18,000 Gross profit: ? Operating expenses: $72,500 Net profit: ? Write an income statement for each business and do a simplified percent analysis. Each income statement is for one full year beginning January 1. 6. Office Supply Company 5. Johnson's Furniture Store Sales: $321,000 Sales: $113,000 Cost of goods sold: $156,000 Gross profit: ? Salaries and wages: $89,000 Payroll expenses: $4,000 Rent: $25,000 Taxes: $3,000 Cost of goods sold: $38,000 Gross profit: ? Salaries and wages: $52,000 Payroll expenses: $2,500 Rent: $6,000 Advertising: $1,000 Utilities: $4,000 Taxes: $2,000 Other expenses: $800 Total operating expenses: ? Net profit or net loss: ? Advertising: $10,000 Utilities: $7,000 Depreciation: $4,000 Total operating expenses: ? Net profit or net loss: ? 8. Best Apparel Sales: $151,000 7. Hill's Cannery Sales: $529,000 Cost of goods sold: $287,000 Gross profit: ? Salaries and wages: $206,000 Payroll expenses: $3,000 Taxes: $8,000 Utilities: $12,000 Cost of goods sold: $68,000 Gross profit: ? Salaries and wages: $21,000 Payroll expenses: $1,000 Taxes: $3,000 Rent: $15,000 Advertising: $12,000 Utilities: $4,000 Depreciation: $5,000 Canning supplies: $11,000 Other expenses: $2,000 Total operating expenses: ? Net profit or net loss: ? Travel expenses: $7,000 Other expenses: $900 Total operating expenses: ? Net profit or net loss: ? The Income Statement
Transcribed Image Text:Exercises Do a percent analysis for each business. Remember, find the percent to the nearest whole percent. 1. Calhoun Discount Drugs Sales: $382,000 Cost of goods sold: $106,000 Gross profit: ? Operating expenses: $129,000 Net profit: ? 2. Florida Cactus Sales: $529,000 Cost of goods sold: $287,000 Gross profit: ? Operating expenses: $195,000 Net profit: ? 3. Webb's Photo Shop 4. Hair Mate Sales: $93,000 Sales: $102,000 Cost of goods sold: $21,000 Gross profit: ? Operating expenses: $59,000 Net profit: ? Cost of goods sold: $18,000 Gross profit: ? Operating expenses: $72,500 Net profit: ? Write an income statement for each business and do a simplified percent analysis. Each income statement is for one full year beginning January 1. 6. Office Supply Company 5. Johnson's Furniture Store Sales: $321,000 Sales: $113,000 Cost of goods sold: $156,000 Gross profit: ? Salaries and wages: $89,000 Payroll expenses: $4,000 Rent: $25,000 Taxes: $3,000 Cost of goods sold: $38,000 Gross profit: ? Salaries and wages: $52,000 Payroll expenses: $2,500 Rent: $6,000 Advertising: $1,000 Utilities: $4,000 Taxes: $2,000 Other expenses: $800 Total operating expenses: ? Net profit or net loss: ? Advertising: $10,000 Utilities: $7,000 Depreciation: $4,000 Total operating expenses: ? Net profit or net loss: ? 8. Best Apparel Sales: $151,000 7. Hill's Cannery Sales: $529,000 Cost of goods sold: $287,000 Gross profit: ? Salaries and wages: $206,000 Payroll expenses: $3,000 Taxes: $8,000 Utilities: $12,000 Cost of goods sold: $68,000 Gross profit: ? Salaries and wages: $21,000 Payroll expenses: $1,000 Taxes: $3,000 Rent: $15,000 Advertising: $12,000 Utilities: $4,000 Depreciation: $5,000 Canning supplies: $11,000 Other expenses: $2,000 Total operating expenses: ? Net profit or net loss: ? Travel expenses: $7,000 Other expenses: $900 Total operating expenses: ? Net profit or net loss: ? The Income Statement
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